Income tax department warns: ‘Declare foreign assets or pay ₹10 lakh penalty’ | Mint

The Income Tax Department has launched a compliance campaign urging taxpayers to declare their foreign assets for the assessment year 2025. Taxpayers who fail to comply may face penalties of up to ₹10 lakh under the Black Money Act. The campaign aims to increase transparency and ensure proper reporting of foreign assets. The IT department is also focusing on educating taxpayers about their obligations and the consequences of non-compliance. This initiative is part of the government’s broader efforts to curb black money and promote tax compliance.